Title:
CASH-LESS BANKING MODEL: THE NIGERIAN EXPERIENCE

Authors:
BERTRAM, O. A; NWANKWO, S.N.P; & ONWUKA, I. O

Abstract:
The study evaluated the level of adoption and challenges of cash-less banking model in Nigeria based on selected Deposit Money Banks (DMBs) in Ebonyi State, Nigeria. The survey research method was adopted while data for the study were generated through primary and secondary sources. Data collected were presented using statistical distribution table of frequency and percentages. The population size of the study was 200 while 180 served as sample. The sample size was obtained using convenient sampling which targeted some staff and customers of selected DMBs in Ebonyi State, Nigeria. Analysis of the data showed that the level of adoption of cash-less banking in Nigeria was significant. The study also showed that there are challenges in the adoption of cash-less banking in Nigeria. These include: incessant power outage, frequent network failure, high cost of maintaining stand-by electric generators, high cost of diesel and high level of diesel consumption, long queues at ATM terminals during pick periods due to absence of ATM gallery in most banks, etc. Based on these findings, the study recommends that bank management should put in place functional standby automatic switchover power generators and deploy more ATM terminals in their various branches. Government on their part should ensure adequate provision and maintenance of public network system such as telephony, internet backbone and electricity. The availability of these basic infrastructures is essential to the adoption and efficient utilization of cash-less banking model in Nigeria.